QXO agreed on 19 April to acquire TopBuild, the insulation installer and distributor, for about $17bn in a cash-and-stock deal valuing each TopBuild share at $505.
Why QXO, Inc. is buying TopBuild Corp.
QXO said the deal would make it the second-largest publicly traded building products distributor in North America, with more than $18bn of combined revenue and over $2bn of combined adjusted EBITDA. It adds installation capabilities and greater exposure to fast-growing end markets such as data centres, and QXO targets at least $300m of annual synergies by 2030, mainly from procurement, pricing and cross-selling.
“By 2030, we expect to generate at least $300 million in annual synergies”
Deal terms and financing
TopBuild holders could elect $505 in cash or 20.2 QXO shares per share, subject to proration, with cash capped at 45% of the aggregate transaction value. The price was a 23% premium to TopBuild's closing price of $410.31 on 17 April. Both boards approved the deal unanimously.
Regulatory approvals and timing
Stockholders of both companies approved the transaction at special meetings in late June, and QXO announced on 1 July 2026 that it had closed the acquisition; TopBuild shares ceased trading on the NYSE.
Market context
TopBuild follows QXO's 2025 purchase of Beacon Roofing Supply and its acquisition of Kodiak Building Partners earlier in 2026, part of Jacobs's plan to build a $50bn-revenue building products distributor within a decade.
